Mastercard International Incorporated (20240338692). METHOD AND SYSTEM OF A BLOCKCHAIN PAYMENT SOLUTION FOR PAYMENT CARDS WITH SELF-CUSTODIAL WALLETS simplified abstract

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METHOD AND SYSTEM OF A BLOCKCHAIN PAYMENT SOLUTION FOR PAYMENT CARDS WITH SELF-CUSTODIAL WALLETS

Organization Name

Mastercard International Incorporated

Inventor(s)

Lakshay Jhamb of Plano TX (US)

Ao Li of Jersey City NJ (US)

Lola Roberts of New York NY (US)

Noah Eggenschwiler of Tinton Falls NJ (US)

METHOD AND SYSTEM OF A BLOCKCHAIN PAYMENT SOLUTION FOR PAYMENT CARDS WITH SELF-CUSTODIAL WALLETS - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240338692 titled 'METHOD AND SYSTEM OF A BLOCKCHAIN PAYMENT SOLUTION FOR PAYMENT CARDS WITH SELF-CUSTODIAL WALLETS

The abstract describes a method for processing a blockchain transaction using a payment card and a linked blockchain wallet.

  • Receiving an authorization request for a payment transaction initiated with the payment card, including transaction data such as the payment card number, transaction amount, and destination address.
  • Identifying the linked blockchain wallet based on the association with the payment card number.
  • Verifying compliance with restrictions on the linked blockchain wallet using transaction data and history.
  • Executing a smart contract on a blockchain network associated with the linked blockchain wallet, with the transaction amount and destination address as inputs for the smart contract.

Potential Applications: - Secure and efficient processing of blockchain transactions using traditional payment methods. - Integration of blockchain technology with existing payment systems for enhanced security and transparency.

Problems Solved: - Streamlining the process of conducting blockchain transactions with payment cards. - Enhancing security by linking payment cards to blockchain wallets.

Benefits: - Increased convenience for users conducting blockchain transactions. - Improved security measures for verifying transactions and compliance.

Commercial Applications: Title: "Blockchain-Enabled Payment Card Transactions" This technology could be utilized by financial institutions, e-commerce platforms, and other businesses looking to incorporate blockchain technology into their payment processing systems. It could also benefit industries that require secure and transparent transactions, such as healthcare and supply chain management.

Questions about the technology: 1. How does this method enhance the security of blockchain transactions involving payment cards? 2. What are the potential challenges in implementing this technology on a larger scale?


Original Abstract Submitted

a method for processing a blockchain transaction using a payment card and a linked blockchain wallet includes: receiving an authorization request for a payment transaction initiated using the payment card, wherein the authorization request includes transaction data, the transaction data including at least a payment card number, a transaction amount, and a destination address; identifying the linked blockchain wallet based on an association between the linked blockchain wallet and the payment card number; verifying compliance with one or more restrictions on use of the linked blockchain wallet based on at least the transaction data and a transaction history of the linked blockchain wallet; and executing a smart contract stored on a blockchain of a blockchain network associated with the linked blockchain wallet, where at least the transaction amount and destination address are provided as input for the smart contract.

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